Quote of the day
“Investors wrongly assume that outstanding investment managers are skilled in all areas.” (AlphaBetaWorks)
Chart of the day

Charles Schwab ($SCHW) is leading other broker-dealers higher. (StockCharts Blog)
Gold
Three years the price of gold peaked. (The Reformed Broker)
Why is the price of gold falling? (Pragmatic Capitalsm, Crossing Wall Street)
Strategy
Some enduring lessons from the financial crisis. (A Wealth of Common Sense)
The challenging psychology of stop loss levels. (TraderFeed)
Research
Putting the “Flexible Asset Allocation” framework through its paces. (Alpha Architect)
Is there a large cap value premium? (Larry Swedroe)
What does a “death cross” mean for the Russell 2000? (Adam Grimes)
CEOs reallocate news into vesting months. (SSRN)
Companies
How Tesla ($TSLA) and SolarCity ($SCTY) plan to work together to make solar power ubiquitous. (WSJ)
What Yahoo ($YHOO) and Twitter ($TWTR) should do with their cash. (Quartz, Motley Fool)
Finance
Let the “leaving money on the table” talk begin. Alibaba ($BABA) pops on its debut. (Dealbook)
A discussion with Brad Katsuyama of IEX Group. (All About Alpha)
Banks are tired of giving business away to the likes of Lending Club. (WSJ)
Bank loans are NOT securities. (Bloomberg)
Has the Bitcoin bubble popped? (FT Alphaville)
Bill Gates
Meet the man who managed Bill Gates’ money. (WSJ)
Lessons from Bill Gates’ portfolio. (Total Return Investor)
Commodities
Why crude oil is once again going into storage. (WSJ)
Why commodities are so hard to index. (ETF)
ETFs
Charles Schwab is increasing the number of commission-free funds in its ETF marketplace. (ETF Trends)
The ETF Deathwatch for August 2014. (Invest with an Edge)
Global
Scotland rejects independence. (NYTimes)
Economy
The Scottish independence vote once again showed the utility of prediction markets. (The Upshot)
The elimination of the routine use of antibiotics in animals is a big deal. (Marginal Revolution)
Earlier on Abnormal Returns
Podcast Friday: pitching a billionaire. (Abnormal Returns)
What you might have missed in our Thursday linkfest. (Abnormal Returns)
Mixed media
Which iPhone 6 should you buy? (Quartz)
You’re crazy if you think consumers want another expensive, proprietary music format. (Marco Ament)
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